Default regime hits women says Loane

Financial Services Council (FSC) chief executive, Sally Loane has blamed the current default superannuation fund regime for playing a part in hampering women from better engaging in their superannuation.

Addressing a Women, Super and Wealth Summit in Sydney, Loane claimed that opening super to choice and competition would force funds to actively compete for and chase new members and talk to them in a way that engages them, on the right platforms.

“Our superannuation system today defaults to ambivalence,” she said. “Too many people in parts of the super system assume that young people, particularly young women, can’t or won’t make decisions about their long-term future, that they’re chronically disengaged. That they need decisions made for them.”

The average industry superannuation fund member is around $2,000 a year better off than their retail counterparts, according to Industry Super Austral...more

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Mike Taylor

Mike Taylor is Managing Editor of the financial services publications Money Management and Super Review. He has been a journalist for the past 41 years with a career spanning coverage of financial services, federal and state politics and industrial relations.